How AI Legalese Decoder Can Ensure Your Strategy Makes Sense in Legal Documents
- May 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Introduction
Hello! I have been fortunate enough to recently start earning a good salary by NL standards, currently at 90k a year. This has allowed me to have some savings and I am looking for input on my financial strategy.
## Current Financial Situation
At the moment, my net worth stands as follows:
– Savings at trade republic: 27k, generates roughly 80 euros per month
– Savings on my bank account (emergency fund): 2k
– Regular bank account: 3.7k, contemplating moving to trade republic or investing in a new TV
– Crypto investments (Vechain, Cardano, Cosmos): 17k, generates 40 euros per month and has potential to reach 60k
– ETF’s (VWCE): 348 euros
– **Total Net Worth: 50.048**
## Monthly Financial Breakdown
My monthly salary after taxes is approximately 4580 euros. Of that, 735 euros come from vacation money and bonuses, which I immediately invest in trade republic. After deducting expenses for rent, groceries, and entertainment, I save about 20% of my real salary, which amounts to 769 euros.
– **Total money free to keep: 1307**
## Financial Strategy
My current strategy involves saving 1307 euros per month until I reach 50k in trade republic, where I am earning 4% interest. Additionally, I invest in VWCE each month. Once I reach the 50k milestone, I plan to invest the monthly savings and trade republic earnings in VWCE instead of depositing them.
However, I am unsure if my approach is too conservative or not ideal. Despite feeling relatively successful compared to my peers, I seek guidance to ensure I am on the right track financially.
I am holding off on further investments in crypto, aiming to capitalize on potential future increases before exiting gradually. Furthermore, I have a goal of purchasing a house in the future, but it is not an immediate priority.
## AI Legalese Decoder Assistance
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### How AI Legalese Decoder Can Simplify Legal Jargon
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FREE Legal Document translation
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>Probably good to mention I have a student loan debt of 25k, I pay back about 80 euro’s per month. However the rules around paying it back are so generous here that I don’t feel like I need to rush to pay it back.
It depends on the interest rates you have. If it is low, keep it, if not, pay it asap.
Do you really need 50k “emergency fund”? Do you plan to buy an apartment and will this be a down payment? If not, I do not think there is a good reason for 50k buffer.
And I’d (I’m saying because I’m doing it) swap VWCE with IWDA.
What you’re doing with savings all depends on what you plan to do with buying a house. Since in The Netherlands the ‘hypotheekrenteaftrek’ (get back ~39% of the mortgage interest) is way too good of a deal, I think a downpayment is in itself a very poor deal. That downpayment money basically nets you 2.4% per year only (61% of 4% mortgage). However, since the housing market is so crazy, you may not be able to buy the house you want on your single salary. Only when you come up with a strategy for getting a house, can you make a good decision on what to do with the rest of your money/ assets.
Your crypto is really just gambing at this point. I’m not a fan of altcoins. Everyone is looking to sell their shitcoins at some top in 2025. I personally like bitcoin long term as a small part of a diversified portfolio.
Best bet is to go as early and heavy as possible on a good ETF. You should know that both VWCE and IWDA have dividend leakage in The Netherlands though, and you are better off with a Dutch domiciled fund like Northern Trust. Some resources to check: http://www.indexfondsenvergelijken.nl and http://www.reddit.com/r/DutchFire
Edit: definitely don’t pay the student loan back as long as a savings account generates higher interest.
Edit2: don’t plan on these 4% of TR and 4.2% Trading212 to stay for very long, these are just stunts to get new customers and will be lowered in the near future.
Imo 2much savings and 2little etfs